North Sea Dated Brent basket crude loadings to fall 29,032 b/d in June

London — Loadings of the five North Sea grades that make up the Dated Brent basket are set to fall in June, according to loading program data compiled by S&P Global Platts.

Daily loadings are expected to be 29,032 b/d lower than May at 900,000 b/d.

A total of 45 cargoes are scheduled to load across Brent, Forties, Oseberg, Ekofisk and Troll in May, compared with 48 in the latest update of the April programs, according to Platts data.

This means 27 million barrels are expected to load in April, down from 28.8 million barrels in May.

Loadings of Brent Blend and Forties are both expected to fall by one cargo following a couple of cargoes being dropped from the May Forties program.

Looking at other grades in the basket, one additional cargo of Oseberg is expected to load in June, while total Ekofisk loadings are unchanged month on month and two fewer cargoes of Troll are expected to load in June compared to May.

In June, Forties should account for 33% of the total Dated Brent volumes, followed by 31% for Ekofisk, 16% for Troll, 13% for Oseberg and 7% for Brent.

Norway's oil and energy ministry said late Wednesday that they will cut production by 250,000 b/d in June as part of a broad international effort aligned with an OPEC+ agreement.

Market participants remained unclear Thursday as to how this production adjustment may impact the June loading programs for the Norwegian grades.

AVERAGE DAILY LOADINGS (B/D)

Source: Loading Programs, Traders